Brussels, 09/05/2000 (Agence Europe) - On Monday, the Economy/Finance Council reached political agreement on the directive on mutual recognition by Member States of what they are doing to solve the financial difficulties of credit institutions. This text establishes that in the event of the insolvency of a bank with branches in different Member States, the legislation of the bank's country of origin (where it has its registered office) will apply.
"Currently, if a bank or credit institution...